Tuesday, December 25, 2012

Local Condo Sales Continue to Soar.

Northerners looking to escape the cold and snow are traveling to Florida this winter. It is during this time that our market generally sees an uptick in sales. Pinellas County’s real estate market is currently considered to be stable. This continues to push median sales prices higher. Distressed listings as a percentage of total listings are slowly decreasing, this also indicates that most of the bargains are starting to disappear, and is part of what is forcing prices higher.
Single family homes sales from November 2011 to November 2012 increased 34.6% and the total average sales price increased 10.06%. However, single family active listings are down 30.75%. The lack of inventory is pushing the average sales price higher, but Realtors® are struggling to find properties.
Condo sales are up 37.79% from November 2011 to November 2012 and have gradually increased over the past three months.
Edited from Source: Pinellas Realtor Organization